Buyers are chomping at the bit waiting for new listings to hit the Boulder County market. You can almost be guaranteed buyer competition and multiple offers for most properties. This pressure is increasing as we saw the number of under contract properties jump in March 2013, as compared to January and February 2013.
Brokers are trying something new as of the last 6 months. Prior to a home hitting the MLS a sign goes in the yard and the property shows “Coming Soon.” This means the details of the listing are not in the MLS yet, but might be available on that listing broker’s web sit
We’ve had lots of conversations in our office about the practice of putting properties out there as “coming soon” before they hit the MLS. As a listing agent it allows you to expose the home early and maybe even get the property under contract before it goes into the MLS. Make sure as a Seller you are not selling yourself short by not exposing it to the majority of buyers. With multiple offers common these days you might get more for your property on the open market, but on the flip side you will probably still get a good price and won’t have to deal with tons of showings and disruption to your daily life. It’s probably a win/win to list it a little early (though not for too many weeks ahead of when you plan to post it on the MLS).
As a buyer, be on the lookout for these signs in the neighborhoods you are targeting. We, as buyer’s agents do our best to find these listings, but we can’t be everywhere at once. Agents are required to let buyer’s agents show that “coming soon” home to their clients if the listing agent is showing that property to potential buyers. It’s worth my buyers checking out a property early and possibly being among the first to see a home and submit an offer.
Another thing we’re seeing when a property hits the MLS is a note about the date and time that offers will be presented to the Seller (typically 2-5 days after listing). That way buyer’s agents know when they need to get their clients into the property and when an offer needs to be submitted. It helps level the playing field a little, allowing showings over those 2-5 days then considering offers. Sellers are getting inundated with offers, so reviewing as many as possible at one time works well. Hence the reason many homes are selling for over asking price in today’s market. Bidding wars!
It continues to be a challenging market for buyers. Sellers are excited about our current market. If you’ve been wanting to sell, now is a fabulous time! Make sure, as a buyer or seller you have a Realtor with your best interests in mind.